Philippine Bank’s L.A. Operation Seized: State banking...
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From Times Staff and Wire Reports
Philippine Bank’s L.A. Operation Seized: State banking regulators closed Manilabank California, a one-office bank in Los Angeles. Regulators said the bank was owned by the Manila Banking Corp. in the Philippines. UST California, a subsidiary of the giant U.S. Trust Corp. in New York, will pay the Federal Deposit Insurance Corp. a $510,000 premium to assume the $19.2 million in 800 deposit accounts. Regulators said the bank has suffered big loan problems, high overhead and large operating losses since 1988.
